Those who receive retirement benefits and Supplemental Security Income (SSI) will receive their payment this week, and the latter will receive their monthly money a little earlier than they normally receive it.
The latest round of retirement checks, for those with birthdays between the 21st and 31st of any month and who have not applied for benefits since before May 1997, will be the first to be sent on Wednesday, August 28. This will be followed by SSI payments, which will be made on August 30.
These SSI payments are generally made on the first day of the month, but this changes when the already scheduled payment date falls on a weekend. Since September 1st falls on a Sunday, the SSA has moved up the monthly payment date.
How Much to Expect From the Social Security Payments
“We do this to prevent you from being at a financial disadvantage and to ensure that you do not have to wait beyond the first of the month to receive your payment,” the SSA said in a 2022 blog post. “This does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to inform us of the second payment.”
The SSA recommends that you wait three business days before contacting the agency if your payment has not arrived by the scheduled date.
The amount Social Security beneficiaries receive varies, determined by various factors, such as the age at which benefits were claimed and the person’s highest-earning years of work. Among all retired workers, the average benefit paid in the month of June 2024 was $1,869.77, according to SSA data.
The 2025 Cost of Living Adjustment (COLA) is expected to be between 2.6 percent and 2.9 percent, with the latest prediction from the nonpartisan Senior Citizen’s League estimating 2.63 percent. percent, while financial advice website Motley Fool has predicted a slightly higher increase, from 2.8 percent to 2.9 percent.
COLA Increments Expected for the Next Year
If so, it would be the lowest annual increase since the 1.3 percent adjustment that occurred in 2021. Although this means that inflation is cooling and prices are not increasing as much as in recent years, It also means that benefit claimants can expect to receive less of a boost than in recent years. In 2024, Social Security benefits increased by 3.2 percent. In 2023, a historic 8.7 percent increase was given to retirees and other benefit claimants, given the rampant inflation caused by the coronavirus pandemic.
The next COLA update will be announced in October. While no fixed date has been confirmed, rates were announced on October 12 in 2022 and 2023:
Here is the list of Social Security Cost of Living (COLA) increases from 2004 to 2024:
- 2004: 2.7%
- 2005: 4.1%
- 2006: 3.3%
- 2007: 2.3%
- 2008: 5.8%
- 2009: 0.0%
- 2010: 0.0%
- 2011: 3.6%
- 2012: 1.7%
- 2013: 1.5%
- 2014: 1.7%
- 2015: 0.0%
- 2016: 0.3%
- 2017: 2.0%
- 2018: 2.8%
- 2019: 1.6%
- 2020: 1.6%
- 2021: 1.3%
- 2022: 5.9%
- 2023: 8.7%
- 2024: 3.2%